March canola is up $4.40 per metric ton (mt), March soybean oil is up .01 cents/pound, May European rapeseed is down 1.00 euro per mt and February Malaysian palm oil is up .30%. March oats are up 3 1/2 cents/bushel. February crude oil is down $.94 per barrel, February ULSD is down $.0287 per gallon, and the March Canadian dollar is down .00140 at .72520. The March U.S. Dollar Index is up .063 at 98.380 and the February Brazilian real is down .00060 at 0.18440.

Grain and oilseed markets are extending overnight gains as midday approaches with soybeans taking the lead. They have now surpassed Tuesday's high, completely negating the low-range close of the day.

Soybean oil and canola have been firmer but weakness in diesel has taken the wind out of their sales. Word out of the White House suggesting that they will take Venezuelan oil, sell it and hold the funds (to be split between U.S. interests and Venezuela once they have a clear leader in place and are stable) on an ongoing basis hurt crude oil and diesel prices. There are far too many challenges to such a plan to list here, suggesting any price pressure resulting will likely be short-term in nature.

In outside markets, treasuries are higher thanks to weak labor market data while equities remain mixed thanks primarily to lower interest rates. The U.S. dollar is treading water with it again challenging its 25- and 100-day moving averages. Precious metals reversed lower overnight but are currently trying to stage a comeback.

Energy markets are mostly lower with gasoline being the exception. Besides the Venezuelan news, the EIA weekly inventory report had a much larger-than-expected build of gasoline and distillates while crude oil inventories fell more than expected. Ethanol production fell 22,000 barrels a day over the holidays while inventories rose by 708,000 barrels.

(c) Copyright 2026 DTN, LLC. All rights reserved.